WASHINGTON, D.C.: The Federal Reserve (Fed) launched on Wednesday (Thursday in Manila) a high-risk effort to tame the worst inflation since the early 1980s by raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year.

The Fed's quarter-point hike in its key rate, which it had pinned near zero since the coronavirus pandemic-induced recession struck two years ago, marks the start of its effort to curb the high inflation that followed the recovery from that recession. The rate hikes will eventually mean higher loan rates for many consumers and businesses.